In today's fast-changing market environment, every data analysis and strategic decision counts. As the core of an enterprise to improve profitability and maintain sustainable development, the finance team not only needs to adapt to different management needs and changing market environment, but also needs to help enterprises maintain competitive advantage and leading position. The economic world is evolving at an unprecedented pace, and as we move into 2024, the need for more emerging trends will become even more important as we face the future trend of total budget management. So what skills should finance teams have to take on unimaginable challenges and use those skills to help manage and make decisions?
A prominent recommendation for the key technology trend of total budget management in the future is to replace traditional data warehouses with multidimensional databases. It encourages finance professionals to explore innovative ways to process data, enhancing accessibility and real-time insights by seamlessly integrating internal and external data sources across the enterprise in the face of ubiquitous data and proliferating data volumes. In addition, urging companies to explore hyper-automated solutions is an important step in future business decision-making. Hyperautomation instills human-like capabilities into autonomous systems for different processes such as marketing analytics, data maintenance, financial transformation, and more, integrating hyperautomation use cases on top of a modern, multidimensional database, speeding up queries in basic languages, and streamlining routine tasks to optimize financial processes. At the same time, it can also start with the link between the market environment and business management to strengthen the relationship between employees, investors and customers, cultivate brand loyalty and build a sustainable development plan that is in line with the company's characteristics.
It is not difficult to find that most companies are beginning to shift from traditional independent transactions to strategic cooperation between business and finance, moving beyond mere number crunching and single reporting to promoting strategic cooperation and skill sets as the top priorities for decision-making across the enterprise. The evolution from transactional to strategic business partnerships involves actively engaging in collaborative approaches beyond financial planning, examining ways of cross-functional portfolios and the role of business partnerships in driving decision-making. In an environment of increasing market demand, finance professionals need to have the ability to orchestrate, understand the business case, align with stakeholders, and support decision-making. In addition, effective data storytelling can help drive the successful transformation of financial data into compelling stories that successfully present reports and results to drive decision-making. Shift from a single report to critical analysis and engage with different stakeholders to connect and resonate with ideas, while tailoring information stories to different audiences to ensure that the insights generated can be applied across functions. In addition,Finance also needs to guide the strategic direction of business partners, foster deep relationships, and leverage financial expertise to guide senior executives to make decisions that align with the company's strategic goals to navigate the complex business environment.
In the face of the development trend of comprehensive budget management in the future, the transformation of the field of corporate financial planning and analysis has also been affected to a certain extent. Change is multifaceted and includes shifts in smart technology, operations, automation, and workforce mindsets that are coming or undergoing changes in market behavior that will impact business operations and financial roles. Change will bring exciting opportunities, but it will also come with uncertainties and challenges. During the period of corporate change, it is necessary to strengthen communication between departments, work together to solve problems, and transform team members into allies against risk. Against the backdrop of skills oppression, companies should learn to leverage historical data, maintain consistent goals, and be bold in validating** to alleviate the unease of system change. This time,Business partners will provide comprehensive insights into navigating change, urging collaboration, and resilient risk to effectively lead teams through the complexities they will face.
In order to achieve scientific financial management, enterprises re-set the ratio of resources according to their own scale and characteristics, so that financial skills can play a role in the operation process of enterprises. The basic accounting ability is used to confirm, record and manage financial data, reflect the business status of the enterprise, and lay the foundation for the basic data analysis of the enterprise in a legal, fair and consistent manner. As enterprises begin to develop new products, increase market share, and expand scale, the financial department needs to further improve its ability to perceive data, deeply understand data trends, including internal enterprises, market changes, and industry fluctuations, and propose and solve problems. In addition, the financial department should objectively evaluate data and information from the perspective of business and other aspects, think carefully and rigorously, maintain logical clarity and efficient communication ability, and start from the details to reasonably arrange data management.
The ability to supervise corporate funds is also a skill that every enterprise needs to pay attention to. The raising, scheduling and use of funds is the lifeblood of business operations, unlike accounting, there is no strict method of fund management, the nature of the enterprise, capital planning, accounting policies, industry characteristics, organizational structure and decision-maker preferences will affect the process of fund management. Carefully setting up positions and roles and tasks, and building a people-oriented comprehensive budget management system can help enterprises achieve cost control based on human resources and performance evaluation with the goal of corporate strategy. And,As a corporate financial officer, you should have a good sense of risk management and control, and use scenario analysis and dynamic analysis to explore potential risks and opportunities according to decision-making needs, so as to provide managers with a basis for decision-making.
In today's world, preparing and developing skills is not only an advantage, but also the key to thriving. In the face of the emerging trend of total budget management, finance teams need to turn this trend into a compass for navigating a complex economic world, adopting cutting-edge technology and business partnerships to steer the direction of business change. The team can fully understand the needs of enterprises, use their front-end technology to break through many restrictions such as environment and personnel, solve risk threats in a timely manner, improve the financial system of enterprises, and help enterprises not only achieve success in their future journey, but also have the power of change for sustainable development.